Difference between financial year and assessment year
This query is : Resolved
13 July 2017
Please clear the difference between F.Y. and A.Y. as per income tax. Is F.Y. 01.04.2015 to 31.03.216 is called A.Y. 2015-16 and date of ITR filing would be 31/07/2016 or ITR can be file upto 31/03/2018.
13 July 2017
Please dont get confused with short form AY.
If financial year is 01/04/2015 to 31/03/2016, then its AY i.e. assessment year is 2016-17.
Assessment year is the year immediately following the financial year.
If financial year is 01/04/2015 to 31/03/2016, then its AY i.e. assessment year is 2016-17.
Assessment year is the year immediately following the financial year.
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